Lowe's Clocks Mixed Q2 Performance, Stock Rises On Reaffirmed Annual Outlook
Portfolio Pulse from Shivani Kumaresan
Lowe's Companies Inc (NYSE:LOW) reported a Q2 FY23 sales decline of 9.17% YoY to $24.96 billion, slightly missing the analyst consensus of $24.99 billion. Despite this, the company's stock rose due to a reaffirmed annual outlook. Lowe's saw strong spring recovery and growth in Pro and online sales, which partially offset lumber deflation and lower DIY discretionary demand. The company repurchased 10.1 million shares for $2.2 billion and paid $624 million in dividends in the quarter.
August 22, 2023 | 10:47 am
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Lowe's reported a Q2 FY23 sales decline, slightly missing analyst consensus. However, the stock rose due to a reaffirmed annual outlook. The company also repurchased shares and paid dividends.
Despite the sales decline, Lowe's stock is likely to perform well in the short term due to the reaffirmed annual outlook, which indicates the company's confidence in its future performance. The share repurchase and dividend payment also demonstrate the company's strong financial position, which could attract investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100